Most corporate and securities lawyers I talk to are happy to have litigation be someone else’s problem. But sadly, we can’t entirely ignore it – especially when there’s interplay with public disclosures or it’s significant enough to hit the board agenda.

So, it’s helpful to know which issues plaintiffs are focusing on. This midyear update from Norton Rose Fulbright gathered perspectives from 135 general counsel and in-house litigation leaders across four US industries: energy, financial institutions, healthcare and technology. Here are the key takeaways:

• Cybersecurity and data privacy is the leading area where dispute exposure has deepened since the start of 2026. More than half of all respondents report increased federal- (56%) and state-level (53%) exposure, outpacing expectations outlined in the firm’s January 2026 research.

• AI litigation exposure is elevated as adoption advances. Forty-six percent report more federal dispute exposure, and 42% cite state-level increases.

• Class action risk still centers on cybersecurity and employment issues. Data or cybersecurity breaches (51%) are the leading events that all respondents consider likely to trigger class action litigation in 2026, followed by workforce changes such as layoffs or policy shifts (47%).

And here are trends at the industry level:

• Energy: Nearly six in 10 (57 percent) energy respondents report increased employment and labor dispute exposure at the federal level and 51 percent at the state level, the highest shares across industries. Energy respondents are also the most likely (57 percent) to consider workforce changes a likely class action trigger in 2026.

• Financial institutions: More than half of financial institutions respondents report increased federal exposure to cybersecurity and data privacy (53 percent) and consumer protection (53 percent) disputes, followed by AI at 47 percent. Data breaches or cybersecurity incidents are also this group’s most-cited class action trigger for 2026 (56 percent).

• Healthcare: Federal AI exposure increased for 53 percent of healthcare respondents, with the same share citing AI-enabled product deployments and product launches as a likely trigger of class action litigation. They are also the most likely to say AI governance and oversight issues have heightened (26 percent) since late 2025.

• Technology: Three-quarters of technology respondents report increased federal litigation exposure and 72 percent report state-level increases since the start of 2026, the highest shares of any industry surveyed. More than half (56 percent) expect privacy or data protection violations from AI use to contribute to litigation exposure; half also cite bias or discrimination claims and intellectual property disputes involving AI.

The 20-page memo also notes that public disclosures, earnings announcements, and ESG and sustainability statements remain some of the top triggers for class actions. We’ve posted this resource in our “Securities Litigation” Practice Area.

– Liz Dunshee